Styl 3 IU ab X X A a A Martinez, Inc.'s net incomes for the past two years are presented below (ignore taxes) 2020 2019 $385,000 $310,000 In February 2021 the auditors found the following items relating to 2019 and 2020: 1. Martinez, Inc. purchased computer equipment on July 1, 2019 for $190,000 cash. They debited a Computer Expense account for the full amount . The computer equipment has a 5-year useful life with no salvage value. No other entries have been recorded regarding the computer equipment. 2. Inventory 2019 2020 Overstatement of ending inventory $62,500 Understatement of ending inventory $24,000 3. Martinez, Inc. records the weekly salary expense when paid. The following are the accrued commissions at the end of 2019 and 2020 which had not been paid. Remember that this information was discovered in February of 2020. December 2019 $13,200 December 2020 $16,100 Instructions A Determine corrected net incomes for 2019 and 2020 2019 2020 Reported Net Income 1. Computer equipment 2 Inventory 3. Salaries Corrected Net Income B. Prejare the entries to bring the books of the company up to date at December 31, 2020, assuming that the books are still open for 2020. Write No Entry none is needed in each situation (1) Dobi Credit Debit Cros 2015 582 word (3) Debit Credit C. Prepare the entry to bring the books of the company up to date at December 31, 2020, assuming that the books are closed for 2020 Write No Entry none is needed in each situation. Debat Credit (2) Debit Credit (3) Debit Credit +